So the board is in discussion with the PXUPA Trust for a merger...

So the board is in discussion with the PXUPA Trust for a merger - the same board that just signed off on the following being a true and fair view:

Total equity to ordinary shareholders $85.2m
PaperlinX step-up pref securities $276.5m

Assuming the trustee has read the accounts and acts responsibly, then this should be a quick negotiation.

Disclosure: I hold both but the value is in PXUPA (PPX holding is insurance in case the watchdogs aren't paying attention).